Woolwich

Woolwich PLC

Phone: +44 (0)800 316 5500, +44 0800 022 4022
Email:
Name

1 Year Fixed Rate Savings Bond Issue 79

Category
Interest Rate
Earn 1.35% AER gross pa 1 (balances of £500 to £49,999)
Earn 1.45% AER 1 (balances of £50,000 to £1 million)
Minimum Balance
£500
Eligibility
1. Eligible investors and non-transferability
1.1 Bonds are available for fixed terms to personal investors aged 18 years or over (in sole or joint names) who are UK residents and to trustees of personal funds.
1.2 Each Bond issue will be limited, and is therefore subject to availability.
1.3 Some Bond issues may only be available to selected investors or there may be other restrictions (for example on the source of the funds which may be deposited). Any restrictions of this nature will be set out in our marketing material or otherwise communicated to you.
1.4 We reserve the right to refuse a deposit or decline to open a Bond.
1.5 You may not transfer the ownership of your Bond to anyone else and neither may you use your Bond as security for any borrowin
Conditions
These terms and conditions apply if you opened your One Year Fixed Rate Savings Bond – Issue 79 on or after 7 September 2013.
If you opened your One Year Fixed Rate Savings Bond – Issue 79 before 7 September 2013, your terms and conditions were in your welcome pack. If you would like another copy, please contact us or pop into a branch.
Your agreement with us (Barclays Bank PLC) for the provision of your Barclays Savings Bond (“Bond”/“account”) is made up of these terms and conditions and the additional conditions relating to the minimum and maximum investment amounts, the term(s) of the Bond, the rate(s) of interest payable and the interest payment option(s) available to you. We will notify you of the additional conditions before you open the Bond.
Details
2. Opening the Bond
2.1 We will open your Bond on the day we receive your application and accompanying deposit. We will confirm our acceptance of your application in writing.

2.2 If you apply by post, we will not be responsible if your application is lost or delayed in the post and will not accept proof of posting as proof of delivery.
3. Additional deposits
Additional deposits are not allowed at any time during the term of the Bond although you may acquire additional Bonds, subject to availability.
4. No withdrawal facility
Other than in circumstances outlined in Condition 7, no withdrawals are permitted prior to maturity. Your deposit must remain invested in the Bond from the date the Bond is first opened throughout its term.
5. Interest
5.1 The rate of interest payable on your Bond (or rates of interest if more than one rate applies to your Bond during the term) will be fixed at the time of issue of the Bond and will not be varied.

5.2 Interest is calculated daily on the amount invested in the Bond until and including the specified maturity date. No interest is payable in respect of periods after the specified maturity date. Interest will be paid into the account (or a cheque issued for the amount of interest) on the business day after the day on which interest becomes payable. Where interest is paid by cheque, cheques will usually be sent by second class mail (or similar).

5.3 You may select the frequency of your interest payments from the available interest payment options. Once the Bond has been opened the interest payment option cannot be varied. Depending on which option you choose, interest will be payable as follows:
Monthly interest: one month after the date the Bond is opened and then monthly
Annual interest: one year after the date the Bond is opened and then annually; and
End of Term interest: on the specified maturity date
Monthly and annual interest will be paid into your nominated Barclays account (this must be in the name of one or more Bond holders) or will be paid to you by cheque. End of Term interest is compounded annually and paid or re-invested on maturity in accordance with Condition 6. In all cases, if the date on which interest becomes payable is not a business day (Monday to Friday excluding public holidays) interest will be payable on the next business day.
5.4 For taxation purposes, the Bond is treated as a deposit account.

5.5 Bonds opened before 6 April 2012
Your Bond will be classified by HM Revenue and Customs as a Qualifying Time Deposit (“QTD”) if it meets the relevant criteria. These are that the deposit is for £50,000 or more, and the deposit is held for a fixed term of less than 5 years. In addition, no additional deposits or withdrawals can be made from the account before the end of the term and the capital cannot be repaid to a third party upon maturity. If your Bond is a QTD, under current legislation interest is payable gross without the deduction of tax. For all other Bonds interest will be paid net after the deduction of basic rate tax unless you provide a valid HM Revenue and Customs R85 form declaration for interest to be paid gross.

5.6 Bonds opened on or after 6 April 2012
Interest will be paid net of basic rate income tax, except for UK resident non-taxpayers who register with us to receive gross interest by providing a HMRC Form R85.

5.7 For all Bonds, including QTDs, the interest paid forms part of your taxable income and should be reported on your Self Assessment tax return. Any tax liability will apply in the tax year(s) in which the interest is paid irrespective of the period over which the interest accrues.
5.8 There may be other taxes or costs that are not paid through us or imposed by us that you have to pay in connection with your account.
5.9 Sharing information about you with tax authorities abroad
If we have reason to think that you are required to report your income or are subject to tax in another country, we may have to share information about your accounts with the UK or relevant tax authorities, either directly or via the local tax authority who may share that information with the appropriate tax authorities abroad. If we need to request extra documents or information from you about this, you must supply these. If you don’t, you agree that we may close your account, or, if the law or other regulations requires us to do so, you agree that we may withhold parts of certain payments received into your account, and pass withheld funds to the relevant tax authorities (this is more likely if you leave the UK and become resident for tax purposes in another country).
6. Bond maturity and repayment
6.1 Bonds will mature on the specified maturity date or the next business day if the specified maturity date is not a business day.

6.2 We will contact you at least three weeks before this date to set out the options for the proceeds of your maturing Bond. We will offer you a new bond from our Maturity Bond range unless condition 6.3 applies. The information we send you in advance will include details of the term, interest rate, interest payment frequency and other terms and conditions of the new bond. The term of the new bond we will offer you will be the same as or shorter than your existing Bond. The interest payment frequency of the new bond will be the same as that applicable to your existing Bond.

6.3 If no new bonds are available at the time your existing Bond matures, we will offer you an instant access savings account which will have no access restrictions. We will contact you at least three weeks before the maturity date of your existing Bond and provide full details of the instant access account including the interest rate(s) and terms and conditions.

6.4 You do not have to accept the new bond, or if not available, the instant access savings account, we offer you. If you do not want to accept the new bond or account,
you should tell us before your existing Bond’s specified maturity date. You can do this by signing and returning the instruction form we will send you with your maturity letter, or in person at a branch or by telephone banking. Unless you tell us otherwise, we will open the new bond or instant access account, and transfer your existing Bond proceeds (excluding interest unless your existing Bond pays interest at the end of the term) into it on the first business day after the Bond matures. We will confirm the details of the new bond or account shortly after the account has been opened.

6.5 If two or more of you hold the Bond in joint names, you authorise us to accept instructions from any one of you alone or from a surviving Bond Holder. We will require instructions from all trustees or from their successors, in which case further documentation may be required.

6.6 Funds payable on maturity will be paid into your nominated Barclays account (this must be in the name of one or more Bond holders) or will be paid to you by cheque. They will be paid into the account on the business day after the Bond matures. Where interest is paid by cheque, cheques will usually be issued on the same day as interest is paid to a Barclays account and sent via second class mail (or similar).
7. What happens if you die or become bankrupt
7.1 If you die and hold the Bond in your sole name then, unless you are a trustee, we will repay the amount of the Bond deposit and any interest that has accrued, without notice or loss of interest. We will do this when we receive the necessary legal documents to confirm the death and to confirm the authority of your representatives. Alternatively, your representatives can ask us to retain the Bond until maturity. If more than one of you hold the Bond in joint names, and one of you dies, the other(s) may choose to transfer the Bond to their sole name(s) for the remaining term or they may ask us to repay the Bond deposit and accrued interest without notice or loss of interest. If a replacement Bond is opened in your sole name by your representatives following your death, that Bond will not qualify as a QTD (as defined in Condition 5) even if it meets the criteria for a QTD in all other respects.

7.2 If you become bankrupt then, unless you are a trustee, we will repay the amount of the Bond deposit and any interest that has accrued, without notice or loss of interest. We will do this when we receive the necessary legal documents to confirm the bankruptcy and to confirm the authority of the person administering your estate. Alternatively, that person can ask us to retain the Bond until maturity. If you hold the Bond jointly with others, we will require their instructions as well as the instructions of the person administering your estate.
8. Changes to these terms (other than interest rate changes)
8.1 We may change these Terms and Conditions and introduce changes to our services at any time as a result of predicted changes in legal or regulatory requirements affecting us, or, as long as it is favourable to you, any development of our systems or processes. We will tell you about any changes by giving you personal notice (sent to you by post or electronically) at least 2 months’ in advance of the change. We will not change the contractual rate or rates of interest payable to you during the term of your Bond (see Condition 5.1).
9. Using information about you
9.1 In order to provide you with products and services we need to collect, use, share and store personal and financial information about you (“your information”). This may include information you provide relating to your health and lifestyle. This includes information which we:
(a) Obtain from you or from third parties, such as employers, joint account holders, credit reference agencies (who may check the information against
any particulars on the Electoral Register and any other database (public or private) which they have access to), fraud prevention agencies or other organisations,
when you apply for an account or any other product or service, or which you or they give to us at any other time; or

(b) Learn from the way you use and manage your account(s).

9.2 Where you provide personal and financial information relating to others (e.g. dependants, joint account holders) for the purpose of opening or administering your account
you confirm that you have their consent or are otherwise entitled to provide this information to us and for us to use it in accordance with this agreement.
9.3 We and other companies in the Barclays Group will use your information to manage your account(s), give you statements and provide our services, for assessment and
analysis (including credit and/or behaviour scoring, market and product analysis and market research), to prevent and detect fraud, money laundering and other crime, carry
out regulatory checks and meet our obligations to any relevant regulatory authority, and to develop and improve our services to you and other customers and protect our
interests (which may include activities where we, or third parties on our behalf, provide you with gifts or gestures of goodwill). We and other companies in the Barclays Group
may also use your information for market and product analysis in order to generate statistical reports which may be shared with external non-Barclays companies for their
own use. These reports are aggregated and will not contain any information that identifies you.

9.4 We and other members of the Barclays Group will use your information to inform you by letter, telephone, text (or similar) messages, digital television, email and other electronic methods, about products and services (including those of others) which may be of interest to you. You may tell us at any time if you do not wish to receive marketing communications from us and other members of the Barclays Group by writing to us or by visiting your local branch and providing your full name, address and account details and the types of communication that you no longer wish to receive (e.g. mail, telephone or email).

9.5 We and fraud prevention agencies will share your information. We and other organisations, including law enforcement agencies, may access and use this information to make credit assessments and to prevent and detect fraud, money laundering and other crimes. The information recorded by fraud prevention agencies may be accessed and used by organisations in the UK and in other countries. Please contact us if you want to receive details of the relevant fraud prevention agencies. Examples of circumstances when your information or information relating to your partner or other members of your household may be accessed and/or shared include:

– checking details on applications for products and services
– managing credit and credit related accounts or facilities
– recovering debt
– checking details on proposals and claims for all types of insurance; and
– checking details of job applicants and employees

9.6 So that we can identify you, we may make enquiries with credit reference agencies. Information held about you by the credit reference agencies may already be linked to records relating to your partner or members of your household where a financial 'association' has been created. Any enquiry we make at a credit reference agency may be assessed with reference to any 'associated' records. Another person’s record will be associated with yours when:

– you make a joint application
– you advise us of a financial association with another person; or
– if the credit reference agencies have existing, linked or “associated” records. This “association” will be taken into account in all future applications by either or both of you and shall continue until one of you applies to the credit reference agencies and is successful in filing a “disassociation”

9.7 We do not give information about savings accounts to credit reference agencies.

9.8 Credit reference agencies keep a record of our enquiries and may record, use and give out information we give them to other lenders, insurers and other organisations.
Credit reference agencies may also use your information to undertake periodic statistical analysis, testing and development to develop and ensure the integrity of their existing and future products and services.

9.9 We may give information about you and how you manage your account to the following:

(a) Other companies within the Barclays Group and our relationship partners.

(b) Companies and organisations who provide a service to us or are acting as our agents (including their subcontractors), on the understanding that they will keep the information confidential.

(c) Your advisers (including but not limited to accountants, lawyers, financial advisers or other
professional advisers) where authorised by you and to any other person notified by you as authorised to give instructions or to use the account or products or
services on your behalf.

(d) Anyone to whom we transfer or may transfer our rights and duties under this agreement.

(e) Any third party as a result of any restructure, sale or acquisition of any company within the Barclays Group, provided that any recipient uses your information for the same purposes as it was originally supplied to us and/or used by us.
Otherwise we will keep information about you confidential unless we have a duty to disclose it or law or regulation allows us to do so for legitimate business purposes.

9.10 If we transfer your information in accordance with condition 9.9(a) to (e) to a person, office, branch or organisation located in another country, we will make sure that they agree to apply the same levels of protection as we are required to apply to your information and, where appropriate, to use your information strictly in accordance with our instructions.

9.11 We will retain information about you after the closure of your account, or if your application is declined or abandoned, for as long as permitted for legal, regulatory, fraud and other financial crime prevention and legitimate business purposes.

9.12 You can ask for a copy of the information we hold about you by writing to us. A fee will be charged for this service.
10. Our liability to you
10.1 We will not be liable to you for any losses you suffer or costs you incur because we cannot carry out our responsibilities under this agreement as a result of anything that we cannot reasonably control. This may include, among other things, any machine or electronic device, hardware or software failing to work, industrial disputes and postal delays.

10.2 Unless Condition 10.1 applies, or a different level of liability is imposed by law, we will be liable to you for any loss, injury or damage caused to you as a result of any
failure or delay in carrying out your instruction at maturity (however caused) but we will not be liable to you in any circumstances for:
losses caused by any reasonable delay in verifying the authenticity of instructions given to us
loss of business, loss of goodwill, loss of opportunity, loss of profit; or
any loss to you that we could not reasonably have anticipated when you gave us an instruction under this agreement
10.3 Nothing in this agreement will exclude or limit any liability we or you have as a result of acting fraudulently or with extreme carelessness or any duty or liability we may have to you under applicable law or any liability that cannot lawfully be excluded.

11. Ending this agreement and closing your Bond account
11.1 We may end this agreement and close your Bond account immediately at any time during the term of the Bond if we reasonably believe that by continuing to
maintain your account:
we might break a law, regulation, code or other duty which applies to us, or

we may expose ourselves (or another Barclays Group company) to action or censure from any government, regulator or law enforcement agency
11.2 Where your Bond account is closed in such circumstances we will return to you the Bond capital value together with accrued interest to the date of closure.

12. Severability
If any part of these Terms and Conditions is deemed to be invalid or unenforceable the other conditions will remain fully effective.

13. Governing Law
These Terms and Conditions are governed by English law. Any banking terms and conditions implied by law will also apply to our relationship with you. The law that will apply to the establishment of our relationship will be the same as the law that governs these conditions. This agreement is in English and we will only write and communicate with you in English.
Featured
Yes

Reviews

This place is where you can write your valuable comment, suggestion, complain or share your views about this banking items. Other people can get the benefit from your input knowing how good/bad this item is. Your valuable feedback will help the bank to refine their products and improve the quality of services.
Comments powered by Disqus